When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Did you know?Explore Trending and Topic pages for more stories like this.

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

Salaar OTT Release: Prabhas's 'Salaar' is ready to make waves on OTT, know when and where it will be released

Salaar OTT Release: KGF director Prashant Neel's film Salaar broke records at the box office. The

Baltimore Bridge Collapse: American comics made a racist cartoon on the Baltimore accident, Indians called it shameful

US President Joe Biden also praised the quick action of the 22-member crew of the cargo ship 'Dal

'We had faith in PM Modi, we got justice today', what did Adil's father, who was killed in the Pahalgam attack, say after Operation Sindoor?

Haider Shah, father of Syed Adil Hussain Shah, one of the 26 victims of the Pahalgam terror attac

IND vs PAK: India maintains unbeaten run in Asia Cup, beats Pakistan for the second time in eight days

The Indian team, led by Suryakumar Yadav, maintained its unbeaten run in the Asia Cup, defeating

Bihar: Nitish Kumar government will have to remove three Yadavs, one Kurmi minister; This is the formula of Rahul Gandhi and Lalu Yadav

A big dream project of Bihar Chief Minister Nitish Kumar was completed on Gandhi Jayanti. Caste c

China and Pakistan surrounded by human rights: proposal to recognize the 1971 genocide; Demonstration of Uygar Muslims in America

Human Rights Week is being celebrated across the world from 10 December. In which voice is being

Birthday Special: Yo Yo Honey Singh celebrating 39th birthday, away from the entertainment world due to bipolar disorder

Popular music director and singer Honey Singh are celebrating his 39th birthday. Honey Singh was

Kapil Sibal Quit Congress: Kapil Sibal said this big thing on Azam after being sent to Rajya Sabha, Akhilesh also appreciated

As soon as the names were announced by the Samajwadi Party regarding the Rajya Sabha elections, K

Preparing to regulate digital tokens: Reserve Bank has started the exercise, may get approval for cryptocurrency business

Sooner or later, cryptocurrencies in India may get approved with terms and conditions. This is be

Stone pelting on Vande Bharat train in Visakhapatnam: CCTV being scanned to nab the accused, PM Modi to flag off on January 19

The incidents of stone pelting in the Vande Bharat Express train in the country are not taking th

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash